Extraction of the Sample Clauses

Extraction of the. First Oil: date at which the first measurement of volumes of Oil and Natural Gas takes place in one of the Production Measuring Points in each Module of the Development Stage. Exploration Phase: contractual period in which the Exploration and Assessment must take place. Production Phase: contractual period in which the Development and Production Phase must take place. Brazilian Supplier: any manufacturer or supplier of goods produced or a service rendered in Brazil through companies incorporated under Brazilian laws or those that use manufactured goods in the country under special customs regimes and tax incentives applicable to the Oil and Natural Gas Industry.

Extraction of the. First Oil: date of the first measurement of volumes of Oil and Natural Gas at one of the Production Measurement Points, in each Development Module. Exploration Phase: contractual period in which the Exploration and Evaluation must occur. Production Phase: contractual period in which Development and Production must occur. Brazilian Supplier: any manufacturer or supplier of goods produced or services provided in Brazil, through companies incorporated under Brazilian laws or those that make use of goods manufactured in the Country under special customs regimes and tax incentives applicable to the Oil and Natural Gas Industry. Applicable Law and Regulations: set of laws, decrees, regulations, resolutions, ordinances, normative instructions or any other Brazilian normative acts that affect or will affect the Parties and other signatories, or on the activities of Exploration and Production of Oil and Natural Gas, as well as on the Decommissioning of Facilities. Macro-group: set of goods and services acquired or contracted by the Contractors for the execution of the activities in the segments defined in this Agreement with specific commitments of Local Content. Best Practices in the Oil Industry: the best and safest procedures and technologies available in the Oil and Natural Gas Industry worldwide, which allow: (i) to guarantee the operational safety of the facilities, preserving life, physical integrity and human health; (ii) to preserve the environment and protect adjacent communities; (iii) to avoid or reduce as much as possible the risks of leakage of Oil, Natural Gas, derivatives and other chemical products that may be harmful to the environment; (iv) the conservation of oil and gas resources, which implies the use of adequate methods and processes to maximize the recovery of hydrocarbons in a technically, economically and environmentally sustainable way, with the corresponding control of the decline of reserves, and the minimization of losses on the surface; (v) to minimize the consumption of natural resources in the Operations. In order to implement the Best Practices in the Oil Industry, the Contractors must take the rules issued by ANP and other Brazilian public agencies as a starting point, incorporating technical standards and recommendations from internationally recognized agencies and associations of the Oil Industry, whenever such measures increase the chances that the objectives listed above will be achieved.